A Scary Bond Market

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Good morning and welcome back to The Macro Compass. This is Alf writing.It’s almost been 3 years together now - and I loved every little bit of it.I treasure each and every supportive comment you threw at me, and vividly remember hitting 100,000 subscribers and jumping out of joy. We are now 150,000+. It’s crazy.But.As I run two businesses now (my hedge fund Palinuro Capital and The Macro Compass), I need to focus on my customers even more.So today I am asking you to become one.Here is why:A) You will read my macro insights multiple times per weekB) If you are quick, you get 40% OFF. Locked in forever.C) This could be it. Next year we might close to new subscriptions.Yes, you read it correctly. As we are getting a large influx of institutional demand, next year we might be closing subscriptions at retail-friendly prices.This is why today I am telling you: go for it.The first 50 TMC readers who will use the code BLACKFRIDAY for our All-Round tier (multiple research pieces per week) will get 40% OFF forever.You’ll end up paying only EUR 749/year.That’s ~60 bucks a month to read my macro insights almost every day.The offer is valid only for 3 days.Use the link below. Be amongst the 50 who get in:Claim Your SpotNow, to the piece.The Bond Market is saying “This Time is Different”.The Term Premium is on the rise, and it now sits close to the highest level for the last 10 years.But What is Term Premium?An investor looking to get fixed income exposure can do that via buying 3-month T-Bills and rolling them each time they mature for the next 10 years.Alternatively, it can decide to …